Thursday, 11 December 2008

How much is Britain’s true national debt?

Gordon Brown says it is 37% of GDP wo we know that figure cannot be true. Fraser Nelson writes in The Spectator that:
"How much is Britain’s true national debt? Gordon Brown says 37% of GDP, the ONS says 43% of GDP – but this is just government debt. The reason Britain is in so much trouble is that our corporate and household debts are huge. It is the combination that makes us such a credit liability – but no one has ever put together a combination.

Until now.

Michael Saunders from CitiGroup has calculated ‘external debt’ – ie, what Britain owes the rest of the world. It is not 40% but 400% of GDP, the highest in the G7 by some margin. The next down, France, is 176%. America, flagellating itself for blowing such a debt bubble, is just 100%. Japan is about half America. "

Do read the whole article and pass it on to those complacent fools who still think that the economy is "fine really" and that "the worst will be over by the summer of next year"; the truth hurts but these people must be told.

Gordon Brown has screwed the UK economy, regularly tells half-truths about the true state of it and may actually be delusional enough to think he is the saviour of the world. Doesn't that worry you? Doesn't that make you angry?

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